14. Margin needed

Under your positions is the margin this position needed, worked out from NSE's own risk file for that day.

It's split into span margin and exposure margin, the same way your broker works it out.

Next to it is your return on that margin so far.

Now let's buy protective wings, and turn the straddle into an iron butterfly.

The margin drops sharply, because the most it can lose is now capped.

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